The answer is actually refreshingly straightforward: Yes.
There is no law in the state of New York -- or any other state for that matter -- that restricts renting and selling real estate to agents who work at least a full 40 hour work week.
That being said, is simply knowing it's possible to work part time really all that helpful? It's probably possible to survive on a diet of Cinnastix and beer, but that does not mean it actually makes sense to go through with it.
So, really this begs a larger, more meaningful question: is it worthwhile to sell real estate part time?
Lots of people -- often with ulterior motives -- will tell you that it does not make sense. To be fair, there are certainly obstacles you have to overcome that those who work full time do not, but ultimately, anyone who tells you flat out to not bother is likely misguided. Let's examine some of their arguments in greater detail and see if they hold up:
Myth #1: Real Estate Brokerages Avoid Hiring Part Time Sales Agents
There is some truth to this myth: certain brokers will indeed shun part time agents.
At the end of the day, with all other variables held constant, a part time sales agent is unlikely to generate as much revenue as a full time one. In turn, if a brokerage can only support so many agents given their office space, operations, insurance etc, then there is a clear opportunity cost to hiring a part time agent when the same slot could be filled with someone who could bring them more business overall.
However, you will always be able to find brokers open to working with part time agents -- like Minetta Realty, for example -- you may just have to look a little bit harder.
Myth #2: Part Time Real Estate Agents Cannot Effectively Do The Job
Proponents of this position will often try and box you into a corner with the question "If you were selling your ______, would you rather hire a part time real estate agent or a full time one?" But really, this is a distraction from the real question you would ask yourself, which is: "Is this someone who I trust, works hard, and understands the market?".
So, does an agent who works part time have the ability to be trustworthy, dedicated, and knowledgeable on the real estate market they service?
I think you would have to be incredibly narrow minded to say no -- especially considering how many people fly planes, get MBAs, and accomplish all kinds of impressive things outside of their normal 9-5 work schedule. Albert Einstein, for example, was working full time as a patent clerk when he came up with the theory for special relativity.
In turn, so long as you can find the time and energy to:
- understand the market
- get your name out there
- build a trusted reputation
... then the fact that you work a part time schedule is pretty irrelevant.
Myth #3: You Cannot Make Good Money In Real Estate Sales Without Working Full Time
As we mentioned before, it is certainly fair to say that on average, someone who works in real estate as a second job or on the side is unlikely to make as much commission as their equivalent who puts in 60 hour work weeks. It's also true that if you pulled a list of the ten top performing agents in a particular region, it would likely be dominated by full time professionals.
That being said, so long as you adjust your expectations accordingly, there is still plenty of money to be made in a secondary real estate career.
Sure, you might not get the listing for Cameron Diaz's nine million dollar Manhattan apartment, but there is still plenty of action out there -- especially in lower effort opportunities like real estate referrals -- to go around.
In Conclusion: Should You Bother Selling Real Estate Part Time?
My opinion is that, under the right circumstances, it can make a lot of sense to pursue a career in real estate part time -- so long as you are going in with the right expectations.
As we have discussed, it is certainly doable, but like any big commitment it is important to go in with a cohesive plan in mind. You obviously do not want to spend the time, effort and money necessary to get your real estate license, if it is not going to be practical at the end of the day.
Come up with a road map for your efforts, including how much time you have to spare, as well as how much money you would need to generate in order to make it worth your while. Next, look up things like average sale and rental prices in your area to estimate if your goals are realistic.
So long as everything checks out, I would not hesitate to try out something that could potentially change your standard of living, or even lead you down an exciting new career path.
Do you or anyone you know currently work in real estate on the side? Do you think it is worth it? Share your thoughts below!
